Core Insights - TeraWulf (WULF) reported a significant miss on Q4 earnings and revenue, with a loss of $0.28 per share and revenue of $35.84 million, which was 17% below expectations [1] - Despite the revenue miss, the company saw a 35% sequential increase in HPC lease revenue, reaching $9.70 million, indicating a strategic pivot towards high-performance computing [1] - TeraWulf secured $12.8 billion in contracted long-term revenue across 522 MW of HPC capacity, backed by Google credit, showcasing strong future revenue potential [1] Financial Performance - Q4 revenue was $35.84 million, a 2.3% year-over-year increase but a 17.71% miss on expectations [1] - The reported net loss for the quarter was $661.42 million, primarily due to a $429.79 million non-cash charge related to changes in fair value of warrants and derivatives [1] - Full-year 2025 revenue reached $168.46 million, reflecting a 20% year-over-year growth [1] Strategic Outlook - CEO Paul Prager emphasized the company's aggressive growth strategy, entering 2026 with 522 MW of contracted HPC capacity and a multi-regional platform designed for long-term expansion [1] - Key capacity delivery milestones are scheduled throughout 2026, with significant revenue contributions expected from design optimizations on upcoming projects [1] - All 12 analysts covering TeraWulf maintain a buy rating, with a consensus price target of $23.56, indicating strong market confidence despite recent performance [1]

Q4 earnings are in for TeraWulf Inc. ( WULF ), and if you have been following WULF, it is easy to see that Q4 was the quarter that was never going to look good on paper.I started out as a crypto investor a decade ago and remain deeply active in the crypto space. I cover Bitcoin miners, digital asset treasuries, and crypto ETFs majorly, but I also seek alpha in tech equities, especially in emerging sectors like quantum computing and orbital intelligence. I have initiated coverage as a first analyst here on S ...

Core Insights - HUT 8 Corp. reported Q4 2025 earnings of 36 cents per share, significantly exceeding the Zacks Consensus Estimate of a 12-cent loss [1] - Total revenues surged 179.2% year over year to $88.5 million, although this figure fell short of the Zacks Consensus Estimate by 9.24% [1] Revenue Breakdown - Compute segment, which constitutes 93% of total revenues, saw a remarkable increase of 325.9% year over year to $81.9 million, despite missing estimates by 6.93% [5] - Power revenues, accounting for 6% of total revenues, decreased by 50% year over year to $5 million, missing estimates by 20.65% [3] - Digital Infrastructure revenues, making up 2% of total revenues, fell 34.9% year over year to $1.6 million, missing estimates by 66.37% [4] Strategic Focus - The company is shifting its focus from traditional crypto mining to prioritize AI and compute infrastructure under a power-first strategy [2] - HUT signed a definitive agreement to sell its 310 MW natural gas portfolio in Ontario to TransAlta and plans to develop four new U.S. sites totaling over 1,500 MW [3] Financial Performance - General and administrative expenses rose 142.7% year over year to $45.7 million [7] - HUT reported an operating loss of $434.9 million for Q4 2025, a stark contrast to an operating income of $281.9 million in the same quarter last year [7] - The net loss for the quarter was $301.8 million, reversing from a net income of $152 million a year ago, primarily due to $401.9 million in unrealized losses on digital assets [7][10] Balance Sheet Overview - As of December 31, 2025, HUT had cash reserves of $44.9 million, up from $33.5 million as of September 30, 2025 [9] - The company held approximately $1.4 billion in cash and Bitcoin reserves, with $899.3 million attributable to HUT 8 and $472.6 million to American Bitcoin [9]

Group 1 - The anticipation of the U.S. SEC's decision on Bitcoin ETF approval has led to a rise in Bitcoin prices, indicating strong investor interest in cryptocurrency investments [2] - MARA has reported strong revenue of $0.919 billion but faces significant profitability challenges with a -68.0% operating margin and -1.439 LTM free cash flow margin, which may hinder its competitiveness in the crypto mining sector [2] - Compared to its peers, MARA's P/E ratio stands at 3.4, which is lower than that of its competitors, reflecting investor concerns regarding its profitability and operational efficiency [7] Group 2 - MARA's revenue growth of 53.5% is higher than CORZ and CIFR but lags behind RIOT, CLSK, and HUT, suggesting potential issues with hash rate efficiency or limited diversification into AI and HPC [7] - The stock price of MARA has decreased by 31.0%, indicating underperformance relative to its peers and raising concerns about profitability and challenges following the Bitcoin halving [7]

forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking ...

Group 1 - Cantor Fitzgerald has significantly increased its stake in IREN Ltd, purchasing an additional 3,333,423 shares worth nearly $171.96 million, which raised its total holding by approximately $124.65 million [1][2] - IREN now constitutes about 1.99% of Cantor Fitzgerald's reportable assets under management, with the stock trading at $42.04, having lost 40% of its value since mid-October last year, but gained over 220% in the past year [2][3] - IREN is transitioning from Bitcoin mining to AI cloud services, reflecting a strategic shift towards AI infrastructure, with data centers located across the U.S. and Canada [2][3] Group 2 - The stock's growth is attributed to market confidence in IREN's transition to AI infrastructure, with increasing institutional capital flowing into the AI market due to high demand for GPU-powered cloud services [3] - Analysts highlight IREN's multi-year cloud contracts, expansion plans, and strategic partnerships as key factors for its long-term growth potential [3][4] - Despite the bullish sentiment from Cantor Fitzgerald, some analysts express concerns regarding IREN's reliance on large hyperscaler contracts, which may pose concentration risks [4]

Core Viewpoint - Riot Platforms' stock experienced a nearly 6% increase, driven by actions from activist investor Starboard Value rather than Bitcoin price movements [1] Group 1: Shareholder Actions - Activist investor Starboard Value communicated with Riot's CEO and chairman, urging them to intensify their transformation strategy [2] - Starboard highlighted that Riot's share price has underperformed compared to other crypto miners transitioning into AI and high-performance computing (HPC) [3][4] Group 2: Company Strategy and Potential - Riot is attempting to leverage its existing assets to enhance its AI and HPC hosting services, indicating a strategic shift [3] - Starboard believes Riot is well-positioned for high-quality deals and emphasizes the need for urgency in completing these deals [4] - The potential for successful diversification into AI and HPC could provide significant opportunities for Riot [5]

Q3 F2026 Results Webcast Quarter Ended December 31, 2025 Disclosures In this presentation, "HIVE" or the "Company" refers to HIVE Digital Technologies Ltd (TSX.V: HIVE | NASDAQ: HIVE). Currency: All amounts are in US dollars, unless otherwise indicated. Forward Looking Information. Except for the statements of historical fact, this presentation contains "forward-looking information" within the meaning of applicable Canadian and U.S. securities regulations. These forward- looking statements are based on expe ...

Core Viewpoint - The decline in Bitcoin prices has prompted crypto mining companies to pivot towards artificial intelligence (AI) as a more profitable venture [1]. Group 1: Market Dynamics - Smaller Bitcoin mining companies, like TeraWulf, are well-positioned to adapt quickly to market changes, with TeraWulf's market cap at $7 billion and a stock increase of 52% year-to-date and over 240% in the past year [2][10]. - The massive computing power used for Bitcoin mining is now being redirected to support AI projects, attracting interest from investment firms such as Morgan Stanley, which has begun covering the Bitcoin mining sector with a focus on AI infrastructure [3][5]. Group 2: Company Strategy - TeraWulf is recognized as a potential AI infrastructure play, with plans to expand its AI infrastructure through 2030, capitalizing on the high demand for AI computing [5]. - The company has been selling off Bitcoin to finance its AI operations, indicating a strategic shift towards AI as a more lucrative business model [8]. Group 3: Valuation Considerations - TeraWulf's valuation may depend on whether it is viewed as a Bitcoin miner or an AI infrastructure company; if considered a Bitcoin miner, its growth potential could be limited due to minimal Bitcoin holdings [9]. - Morgan Stanley has set a price target of $37 for TeraWulf, suggesting significant upside potential if the market views it as an AI infrastructure play [9].

Core Insights - Canaan Inc. achieved a record high cryptocurrency treasury of 1,778 BTC and 3,951 ETH, demonstrating strong operational performance despite macroeconomic challenges [1][2] - The company's deployed global hashrate exceeded 10 EH/s, with an operating hashrate of 6.63 EH/s at the end of January 2026 [1][3] Financial Performance - In January 2026, Canaan mined 83 BTC, contributing to a total of 1,778 BTC and 3,951 ETH owned by the company [3] - The average revenue split for the month was 58.2%, with an average all-in power cost of US$0.043 per kWh [3][6] Operational Efficiency - The global average miner efficiency improved to 24.2 J/TH, with North America averaging 19.3 J/TH and non-North America averaging 29.0 J/TH [4] - The month-end installed power capacity reached 253.3 MW, with 95.7 MW in North America and 157.5 MW globally [4] Strategic Initiatives - Canaan is focused on advancing energy reuse and expanding into the home mining segment, which is expected to offer attractive margins with limited capital intensity [2] - The company announced a 3 MW proof-of-concept project in Manitoba, Canada, aimed at recovering heat from computing systems for greenhouse operations, targeting 95% uptime [9] Shareholder Engagement - Canaan's board approved a US$30 million share buyback program, with approximately 2.8 million ADSs repurchased for a total of US$2 million as of February 10, 2026, reflecting management's confidence in the company's financial position [10]